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Continental Airlines Announces Closing of Floating Rate Secured Notes

Continental Airlines, announced the closing of an offering of $200 million of Floating Rate Secured Notes due December 2007….

Continental Airlines, announced the closing of an offering of $200 million of Floating Rate Secured Notes due December 2007. The securities are backed with an insurance policy from MBIA Insurance Corporation and further collateralized by a pool of spare parts related to Boeing 737 Next Generation, 757, 767 and 777 aircraft.



Interest on the securities is based on the three-month LIBOR rate plus 90 basis points. The initial interest rate on the securities is approximately 2.3 percent, excluding insurance fees and other transaction costs. The company issued the securities in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933 and certain other investors pursuant to Regulation D and Regulation S of the Securities Act of 1933.



Continental intends to use the net proceeds from the offering for general corporate purposes.

The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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